How do you know when it's time to declare bankruptcy?
As the ongoing housing crisis in Georgia and the country
continues to influence our day to day lives, one of the ripple effects is the
desperate financial situation of homeowners who continue to struggle with debt,
sometimes even years after losing their homes to foreclosure.
Honest people who want to make good on their debts are
increasingly overwhelmed as lenders continue to pursue deficiencies from years
past. Attempting to make even the minimum payments on a sea of debt can wipe
out retirement savings and max out credit cards. Then, many find it impossible
to rebuild their financial lives.
It takes only a small shift in circumstance to make
repayment impossible, loss of employment, divorce, a health or housing crisis.
Remaining in denial about the futility of repaying all debt is stressful and
takes a toll on relationships, family and health. When your liabilities are
excessive, and your assets are minimal, if not gone, it is time to take a
rational look at an often emotional, decision: Should you declare personal bankruptcy?
In today’s economy, personal bankruptcy filings are no
longer seen as the end of your credit worthiness. These filings have become an
acceptable solution to help you organize your debt, and free you from years and
years of making minimum payments that will never go away. If you qualify,
filing for Chapter 7 or Chapter 13 bankruptcy may be an effective way to
restore your financial future and rebuild your dreams.
If you are considering bankruptcy the most important thing
to do is to find a reputable lawyer to advise you.
For instance, in a Chapter 7 bankruptcy filing, you must
meet a “means test” which will look at your income and debt to determine your
true need for relief. These guidelines vary from state to state.
If you have tried to meet your obligations, but have been
battered by economic forces beyond your control, the decision to take action
and take control of your finances can be the beginning of a stable financial
future.
If you need help, call King and King bankruptcy attorneys at 404-921-3790 today.
If you need help, call King and King bankruptcy attorneys at 404-921-3790 today.
